By Jennifer Bradley Franklin 

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For some house hunters, the thought of maintaining a house and a yard conjures up anxiety. Luckily, there are different kinds of properties to choose from that don’t entail a lot of upkeep — and come at a reasonable price to boot. One of those options is a condominium.

What is a condo? Should you buy one? Here’s a primer on condo living to help you decide if it’s right for your lifestyle.

What is a condominium?

A condominium, called “condo” for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators and outside hallways and gyms, to name a few. While condos are usually found in high-rise buildings, you can find detached condos in some markets.

“A homeowners association typically manages the common areas and oversees the covenants, conditions, and restrictions (CC&Rs) that apply to the property,” explains Holly Leonard, a real estate agent and owner of Haven Real Estate Brokers in Atlanta. “Condominiums are often referred to as a ‘common interest development.’”

Why buy a condo?

For many buyers, the answer to this question is simplicity. With most condo developments, you only have to take care of the interior. All the rest is handled by a professional management company. There’s no lawn to cut, flowerbeds to maintain or driveways to be cleared of snow.

Another important piece is the price tag. Condos have historically been more affordable than single-family homes, and that trend continues today. In fact, condos appreciated at a slower pace than that of single-family homes in 2020, according to Black Knight data, and sold for approximately 17 percent less, representing a savings of around $58,000, real estate brokerage Redfin reports.

Condos are often cheaper in terms of taxes, too: A smaller space means a smaller bill from the county.

There’s also a community life that single-family homes often don’t provide, including shared spaces and amenities, events and more. It’s a lot easier to take off and pursue travel or live seasonally in another area with the peace of mind of knowing that once you lock the door, everything will be taken care of.

Factors to consider before you buy a condo

What is the difference between an apartment and a condo?

Structurally, condos and apartments can look the same, but the key difference between a condo and an apartment is ownership: You own a condo, and you rent an apartment. (In some limited markets like New York City, however, you can buy an apartment.)

Both kinds of dwellings typically have multiple floors and units on each with shared amenities and common areas, such as a gym, pool and parking. In some communities, condo owners can rent their units to tenants, too.

What is the difference between a condo and a house?

If you live in a condo, it’s your home, but it’s not a house. That’s an important distinction, particularly when it comes to maintenance.

Consider if you owned a detached single-family house and the roof needs to be repaired. As a homeowner, that expense would fall entirely on your shoulders. If you owned a condo, that cost would likely be split between other owners in the community, and a portion of it might also be paid for via the reserves of the homeowners association.

Sharing expenses can be helpful, but it’s important to note that condo owners often must follow additional rules and community restrictions. For example, there could be aesthetic requirements to adhere to, such as a mandate to install the same windows as every other unit. Simply put, you might not have complete control over the decisions about your condo, whereas with a house, you’ll have much more latitude.

Should I rent or own a condo?

Your finances will be the main deciding factor that answers this question. As with any home type, when you buy a home, you’ll need a large sum of money for a down payment, as well as closing costs, says John Ameralis, a licensed real estate broker with Compass in New York City.